German retailer Metro is planning to invest in the expansion of its online and international operations.
The move follows the sale of its Kaufhof department store chain to Canadian retailer Hudson’s Bay for €2.8bn.
The sale of Kaufhof forms a part of Metro’s strategy to focus on developing its cash-and-carry and consumer electronics businesses, as well as hypermarket chain Real.
As part of the expansion, the company intends to open more Media Markt and Saturn discount electronics stores outside of Germany, Reuters reported citing business weekly WirtschaftsWoche.
Metro CEO Olaf Koch was quoted by WirtschaftsWoche as saying: “We plan an expansion of our investments in digital businesses, modernisation of older stores, more stores for Media Markt and Saturn as well as for Metro Cash & Carry, also in new countries.”
Media Markt TV-HiFi-Elektro engages in the online retailing of consumer electronics. It offers household appliances, media products, telecommunications, computers, and photographic equipment. It also provides professional services such as repair, delivery, installation, and financing.
While, Media-Saturn operates retail stores that sell consumer electronics in Europe and Asia. It offers televisions, digital cameras, notebooks, hi-fi components and systems, car audio systems, domestic appliances, navigation systems, gaming consoles, automated coffee makers, new media solutions and household appliances.